-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SJ7ZCNMhnRWzFYOlHh6KYE0ZPNFujDFvn/yoZW7ceLdszEDEhKAGXP61pnufnPo+ TFRfzcvICLGPPuh9LdWBkg== 0000863614-04-000008.txt : 20040129 0000863614-04-000008.hdr.sgml : 20040129 20040129140904 ACCESSION NUMBER: 0000863614-04-000008 CONFORMED SUBMISSION TYPE: 6-K/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20040129 FILED AS OF DATE: 20040129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TELECOMMUNICATIONS CO OF CHILE CENTRAL INDEX KEY: 0000863614 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10579 FILM NUMBER: 04551725 BUSINESS ADDRESS: STREET 1: PROVIDENCIA NO 111 STREET 2: PISO 2 PROVIDENCIA CITY: SANTIAGO CHILE STATE: F3 ZIP: 00000 MAIL ADDRESS: STREET 1: CT CORPORATION SYSTEM STREET 2: 1633 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10069 FORMER COMPANY: FORMER CONFORMED NAME: TELEPHONE COMPANY OF CHILE DATE OF NAME CHANGE: 19941027 6-K/A 1 re403.htm CTC 4Q press release

FORM 6-K/A

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

January 29, 2004

         

Commission File Number: 001-10579

COMPANIA DE TELECOMMUNICACIONES DE CHILE S.A.
(Exact name of registrant as specified in its charter)

TELECOMMUNICATIONS COMPANY OF CHILE

(Translation of registrant's name into English)

Avenida Providencia No. 111, Piso 22

Providencia, Santiago, Chile

(Address of principal executive offices)

                        

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   X   Form 40-F ___

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes        No X  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes        No X  

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes        No  X   

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A 

 

AMENDMENT

This 6-K/A amends the 6-K filed on January 28, 2004 to include the 6-K cover sheet and signature page.

Telecommunications Company of Chile, S.A.

TABLE OF CONTENTS

Item
  1. Press Release Announcing Results for the Fourth Quarter 2003.

 

 

 

 

Item 1.

News Release

FOR IMMEDIATE RELEASE

 

 

COMPAÑIA DE TELECOMUNICACIONES DE CHILE S.A.

ANNOUNCES RESULTS FOR THE FOURTH QUARTER 2003 (4Q03)

 

Highlights:

  • The Company recorded a profit of Ch$624 million (US$1.1 million) in 4Q03, compared to a loss of Ch$1,960 million (US$3.3 million) in 4Q02 and a net profit for the year ended December 31, 2003 of Ch$10,134 million (US$17.0 million) compared to a net loss of Ch$17,857 million (US$30.1 million).

  • EBITDA amounted to Ch$95,746 million (US$161.2 million) in 4Q03, and to Ch$381,863 million (US$643.1 million) for the full year 2003

  • EBITDA margin reached 45.8% in 4Q03 and 47.0% in 2003, compared to 44.1% in 4Q02 and 45.5% in 2002

(Santiago, Chile - January 27, 2004) Compañía de Telecomunicaciones de Chile S.A. (NYSE: CTC) ("Telefónica CTC Chile" or the "Company") announced today its financial results, submitted to an internal financial review of independent auditors, stated in Chilean GAAP (in constant Chilean pesos as of December 31, 2003) for the fourth quarter of 2003. U.S. dollar equivalent information is based on the Observed Exchange Rate (as defined by the Chilean Central Bank) for September 30, 2003, which was Ch$593.80 = US$1.00. This information will be made publicly available through the Chilean Superintendencia de Valores y Seguros ("SVS") and the Securities and Exchange Commission of the United States of America (www.sec.gov), as well as at the Company's website, www.telefonicactcchile.cl.

 

CONSOLIDATED RESULTS FOR 4Q03

(Comparisons refer to 4Q02)

 

Telefónica CTC Chile' s revenues decreased by 3.2% in 4Q03 as compared to 4Q02, amounting to Ch$209,112 million (US$352.2 million). Regarding he different business areas during the quarter, fixed telephony, long distance and corporate communications revenues negatively impacted consolidated revenues with decreases of 6.3%, 32.9% and 15.2%, respectively, with compared to 4Q02. These declines were partially compensated by increases of 14.5% in mobile services and 9.7% in other businesses, which include public telephones, interior installation and Telemergencia (home security). For the full year 2003, revenues decreased 6.5% with respect 2002, reaching Ch$812,790 million (US$1,368.7 million)

Operating costs and expenses decreased by 2.4% in 4Q03, to Ch$181,676 million (US$306.0 million), as compared to Ch$186,138 million (US$313.5 million) in 4Q02. During 2003, operating costs and expenses decreased 5.5% with respect to 2002 and amounted to Ch$697,432 million (US$1,174.5 million).

Salary expenses decreased by 14.2% in 4Q03, to Ch$14,835 million (US$25.0 million), mainly due to the personnel restructuring realized in October, 2002.

Other operating costs and expenses decreased by 15.6% in 4Q03 as compared to 4Q02, to Ch$62,858 million (US$105.9 million). This decline is explained by lower rental capacity, lower uncollectables provision (-25.4%) and costs associated to the Istel subsidiary in the 4Q02.

Administrative and selling expenses increased by 29.6% to Ch$38,009 million (US$64.0 million), due to higher costs and sales commissions related to the mobile business, ADSL and corporate communications, as well as higher costs related to third-party contracts.

As a result of the above, EBITDA in 4Q03 grew slightly by 0.5% to Ch$95,746 million (US$161.2 million), compared to Ch$95,287 million (US$160.5 million) recorded in 4Q02. During 2003, EBITDA decreased 3.5%, reaching Ch$381,863 million (US$643.1 million), with respect to the previous year.

EBITDA margin in 4Q03 was 45.8%, compared to 44.1% recorded in 4Q02. For the year 2003, EBITDA margin was 47.0%, compared to 45.5% in 2002.

 

As of 4Q03, depreciation of assets related to the sales and administration will be accounted for under SG&A. Depreciation of operating assets increased by 1.4% to Ch$65,974 million (US$111.1 million) in 4Q03 as compared to 4Q02, as a result of the Company's new assets in service and which are mainly related to the mobile business and data. During 2003, depreciation of operating assets remained constant at Ch$263,687 million (US$444.0 million). Total depreciation increased 4.5% with respect to 4Q02 and 1.0% for the year.

OPERATING INCOME decreased by 8.4% to Ch$27,436 million (US$46.2 million) in 4Q03 as compared to the Ch$29,944 million (US$50.4 million) recorded in 4Q02. For the year 2003, operating income totaled Ch$115,358 million (US$194.3 million), reflecting a decrease of 12.5% with respect to 2002. The operating margin amounted to 13.1% in 4Q03 as compared to 13.9% in 4Q02, whereas for the year operating margin reached 14.2% in 2003 compared to 15.2% in 2002.

NON-OPERATING INCOME (LOSS): Telefónica CTC Chile recorded a 21.2% decrease in non-operating losses, which amounted to Ch$18,434 million (US$31.0 million) in 4Q03, as compared to a non-operating loss of Ch$23,395 million (US$ 39.4 million) in 4Q02. This improvement is basically the result of:

    1. A decrease of 34.9% in financial interest expense in 4Q03 with respect to 4Q02 as a result of a 10.4% reduction in average debt and lower interest rates in the local and international markets. Average financial debt amounted to US$1,408 million during the 4Q03);

    2. A 34.8% decrease in other non-operating expenses as a result of extraordinary charges during 4Q02

    3. Lower monetary correction charge of Ch$339 million (US$0.6 million) in 4Q03, mainly explained by the exchange rate adjustment over accounts receivables associated to revenues from international LD operators

The above was partially offset by: (i) an 81.6% decrease in interest income due to lower local and international interest rates and lower cash position resulting from the Company's reduction in interest-bearing debt and dividend payments.

During 2003, non-operating losses decreased 37.6% vs. 2002, totaling Ch$76,074 million (US$128.1 million).

INCOME TAXES: In 4Q03, Telefónica CTC Chile recorded a total income tax charge in the amount of Ch$8,340 million (US$14.0 million), composed of a Ch$3,714 million (US$6.2 million) current income tax and a Ch$4,626 million (US$7.8 million) charge for deferred taxes of the period as well as amortization of deferred taxes of previous periods. This is a 1.7% decrease as compared to the Ch$8,483 million (US$14.3 million) tax charge registered in 4Q02. For the full year 2003, total income tax was Ch$29,009 million (US$48.9 million), representing an increase of 7.5% over 2002.

 

The Company recorded a net income of Ch$624 million (US$1.1 million) in 4Q03 as compared to a net loss of Ch$1,960 million (US$3.3 million) recorded in 4Q02. During 2003, net income totaled Ch$10,134 million (US$17.0 million) vs. a net loss of Ch$17,857 million (US$30.1 million) in 2002.

Net income per ADR in 4Q03 amounted to US$0.004, compared to a loss per ADR of US$0.012 recorded in 4Q02. Furthermore, net income per share in 4Q03 equaled Ch$0.7 as compared to the loss of Ch$2.0 in 4Q02. During 2003, net income per ADR amounted to US$0.07, net income per share reached Ch$10.6.

 

Capital expenditures for Telefónica CTC Chile and its consolidated subsidiaries amounted to US$70 million in 4Q03 compared to US$107 million in 4Q02. For the twelve months ended December 2003, capital expenditures totaled US$241 million, compared to US$249 million the previous year. Capital expenditures during the period were mainly focused on the deployment of the new GSM/GPRS mobile network.

 

The consolidated free cash flow from operations in 4Q03 reached Ch$39,690 million (US$66.8 million) as compared to Ch$21,963 million (US$37.0 million) in 4Q02. The consolidated operating free cash flow decreased by 9.7% to Ch$162,283 million (US$273.3 million) in the twelve-month period ended December 2003, as compared to Ch$179,753 million (US$302.7 million) in the same period of the previous year, mainly due to higher current income taxes in 2003.

REVENUES BY BUSINESS UNIT


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from fixed telephony services include Primary Service, Access Charges and Interconnections and Directory Advertising. Fixed telephony revenues, which represented 44.9% of total operating revenues in 4Q03, decreased by 6.3% to Ch$93,856 million (US$158.1 million) as compared to 4Q02. During 2003, revenues of fixed telephony decreased by 2.7%, reaching Ch$374,541 million (US$630.8 million) and representing 46.1% of total consolidated revenues for the year.

Lines per employee (excluding employees of Telefónica CTC Chile's subsidiaries), decreased from 1,050 in December 31, 2002, to 915 in December 31, 2003, explained by a 10% decrease of lines in service together with a 3.2% increase in headcount compared to December 2002.

 

Primary service revenues, which include the fixed monthly charge, variable charge, connections and other installations, value-added services and equipment marketing, and others (ADSL, IP flat fee, rural telephony, among others), decreased by 9.5% to Ch$84,582 million (US$142.4 million) in 4Q03 as compared to 4Q02. This decrease is mainly attributable to a 10.5% decrease in the fixed monthly charge and an 14.1% decrease in the variable charge due to: (i) the lower exchange rate which had a negative impact on the tariff indexator (ii) a 1% additional tariff decrease applied in May 2003 to variable and fixed charges pursuant to the Tariff Decree; (iii) a 9.0% decrease in average lines in service in 4Q03 vs. 4Q02, which resulted from increased disconnections in 4Q03 associated to non-payment, (iv) a 7.4% decrease in total traffic for 4Q03 compared to 4Q02, and (v) an increase in the proportion of traffic charged as fixed-Internet traffic, whose rates are lower than those of traffic rate d as Measured Local Service (fixed-fixed calls). However, the above was partially offset by a 59.3% increase in revenues from equipment marketing which, as of January, include revenues from equipment sales to small and medium-sized enterprises. Previously, these revenues were included in corporate customer communication revenues. Additionally, other fixed telephony revenues grew 40.4% due to the growth in new services over the fixed line such as ADSL and flat fee plans.

Access charges and interconnections revenues include revenues from access charges generated by LD carriers, as well as those paid by other telecommunications operators that use Telefónica CTC Chile's network. They also include other interconnection services apart from access charges, such as interconnection of networks and information services to carriers, among others. These revenues increased by 41.1% in 4Q03 to Ch$8,151 million (US$13.7 million) as compared to 4Q02, mainly due to an increase of 123.9% in other interconnection services due to the payment of pending interconnection charges from other local operators and higher revenues from network services and interconnections. These increases were partially compensated by 14.2% lower of DLD access charges revenues and 30.8% lower in ILD access charges revenues, due to a 14.9% and 32.0% decrease in domestic and international interconnection traffic, respectively

Revenues from directory advertising, generated by the Company's contract with Publiguías, increased by 16.1% in 4Q03 to Ch$1,123 million (US$1.9 million) as compared to 4Q02.

 

 

Long distance revenues include revenues from domestic and international long distance traffic carried by 188 Telefónica Mundo and Globus 120, as well as revenues from the rental of the long distance network to other telecom operators. Total long distance revenues, which accounted for 6.3% of consolidated operating revenues in 4Q03, decreased by 32.9% as compared to 4Q02, to Ch$13,231 million (US$22.3 million). This decrease in revenues was mainly due to: (i) lower revenues from domestic long distance services ("DLD") due to the 4.3% decrease in DLD traffic carried by 188 Telefónica Mundo and Globus in 4Q03 as compared to 4Q02, in line with the DLD industry traffic trends and the substitution effect from mobile service, and (ii) lower revenues from international long distance services ("ILD") due to an 8.7% decrease in outgoing ILD traffic, together with a reduction of 6.9% in the average price of this service in 4Q03 vs. 4Q02 caused by increased competition, and (iii) lower revenues from the rental of the long distance network to other telecom operators due to lower prices and lower industry traffic in general. During the year, revenues declined 18.3% to Ch$61,655 million (US$103.8 million) and representing a 7.6% of total consolidated revenues.

Mobile communications revenues include revenues from outgoing cellular traffic and interconnection revenues from Calling Party Pays (incoming traffic to the mobile network), as well as revenues from mobile equipment sales. Total revenues from mobile communications, which accounted for 31.5% of total operating revenues in 4Q03, amounted to Ch$65,811 million (US$110.8 million), representing an increase of 14.5% as compared to 4Q02. This increase is mainly the result of a 17.1% increase in average cellular subscribers and also an increase in sales of prepaid equipments, which was partially offset by a decrease in the average monthly revenue per user ("ARPU"), due to an increase in the proportion of prepaid customers in Telefónica Móvil' s subscriber base. Prepaid customers represented 80.5% of total average cellular subscribers in 4Q03, as compared to 76.3% in 4Q02. As of December 31, 2003, Telefónica Móvil had 2,269,75 7 customers, of which, 421,698 are GSM customers. During 2003, revenues of mobile communications Ch$237,620 million (US$400.2 million) representing a 29.2% of total revenues for the year.

 

Corporate customer communications include revenues from (i) telecommunications equipment sales, which refers to voice equipment (fax, PABX, etc.); (ii) complementary telephone services, such as 600, 700, 800 numbers and digital communications; (iii) data services, including ATM, Frame Relay, data equipment and services related to the IP network, and (iv) dedicated links and others, including videoconference, Datared, E1 Links and VSAT, "ISP Empresas" revenues, services such as housing and hosting and consulting services to corporate customers.

Revenues from corporate customer communications decreased by 15.2% to Ch$21,373 million (US$36.0 million) in 4Q03 as compared to 4Q02. The contribution of corporate customer communications revenues to total operating revenues decreased from 11.7% in 4Q02 to 10.2% in 4Q03. This decrease was mainly due to 32.1% lower revenues in telecommunications equipment sales to small and medium-sized enterprises, which starting in January 2003, are accounted for under fixed telephony revenues. Excluding these revenues, corporate customer communications revenues increased 5.1%. Additionally, circuit revenues and others decreased 48.1% which was partially compensated by (i) a 47.3% increase in data services revenues in 4Q03 as compared to 4Q02 due to increased connectivity services through the IP network, and (ii) a 4.0% increase in complementary services to corporate customers. ATM links increased by 4.1% while data links through the IP network grew at a rate of 85.3% for dedicated IP network, and ave rage customers decreased by 4.4% for switched IP network in 4Q03 as compared to 4Q02. For the year 2003, corporate communications revenues reached Ch$78,733 million (US$132.6 million), representing a 9.7% of total consolidated revenues for the period.

 

These revenues include public telephones, as well as revenues from interior installation and equipment marketing of the subsidiary CTC Equipos, among others. These revenues which represented 7.1% of total operating revenues in 4Q03, grew 9.7% to Ch$14,841 million (US$25.0 million) in this quarter vs. 4Q02. During 2003, these revenues reached Ch$60,241 million (US$101.4 million), representing a 7.4% of total revenues for the year.

Public telephone revenues decreased by 12.6% in 4Q03 to Ch$2,650 million (US$4.5 million) as compared to 4Q02.

Interior installation and equipment marketing revenues increased by 7.3% in 4Q03 to Ch$8,070 million (US$13.6 million) compared to 4Q02.

Other businesses revenues, that include revenues from other subsidiaries such as Telemergencia and t-gestiona, among others, reached Ch$4,121 million (US$6.9 million) in 4Q03, with an 38.3% increase compared to 4Q02, mainly due to higher revenues from Telemergencia and partially offset by the sale of Istel.

 

 

 

BUSINESS UNIT PERFORMANCE FOR 4Q03

Contribution to

Business Unit EBITDA EBITDA Margin Net Result

(Ch$ mn) (Ch$mn)

Fixed telephony 52,204 48.2% -4,562

Long distance 8,034 38.5% 1,402

Mobile 20,026 29.9% -1,303

Corp. Communications (incl. Data) n.d. n.d. 5,508

Others n.d. n.d. -421

Consolidated 95,746 45.8% 624

 

BUSINESS UNIT PERFORMANCE FOR FULL YEAR 2003

Contribution to

Business Unit EBITDA EBITDA Margin Net Result

(Ch$ mn) (Ch$mn)

Fixed telephony 215,207 49.8% -21,098

Long distance 35,471 38.9% 18,704

Mobile 77,485 32.0% 4,542

Corp. Communications (incl. Data) n.d. n.d. 17,406

Others n.d. n.d. -9,420

Consolidated 381,863 47.0% 10,134

3

 

 

COMPANY NEWS

 

TELEFONICA CTC CHILE PRESENTS ITS TARIFF STUDY PROPOSAL AS PART OF THE TARIFF SETTING PROCESS FOR FIXED TELEPHONY SERVICES

On November 5, 2003, Telefónica CTC Chile presented its Tariff proposal for fixed telephony. The Company proposed an increase in all its regulated tariffs, based on a higher number of costs (not included in the previous tariff decree), the declining traffic trends experienced, as well as industry changes in terms of the competition.

In an approach to satisfy client needs, the Company also proposed a of structure blocks (plans) of minutes according to different consumption levels. Thus, the proposed number of tariff areas increase from 4 to 20 and the number of hourly timeslots also increase to 3 (normal, reduced and night).

 

THE INTERCONNECTION TARIFFS FOR MOBILE OPERATORS ARE ANNOUNCED

On January 21, 2004,and as part of the interconnection charge tariff setting process for mobile operators, the Undersecretary of Telecommunications announced the Tariff Decree which stipulates the definitive tariffs for all operators in the sector. The new tariffs imply that, tariffs will decrease an average of 26.5% with respect to the current interconnection charges over the course of the 5 years in effect of the Decree.

 

 

COLLECTIVE BARGAINING PROCESS 2003

In October of 2003, Telefonica CTC Chile and its subsidiaries began a new collective bargaining process of labor contracts with employees. The majority of workers negotiating included workers that, in the collective bargaining process of July 2002, froze their existing conditions by invoking article 369 of the Chilean Labor Code. 90% of the total 2,370 employees participating in this negotiation, reached an agreement with the Company. The principle terms of these agreements considered: differentiated salaries in-line with market conditions, variable incentive according to Company performance and flexible schedules, among others.

 

 

 

 

WE INVITE YOU TO VISIT TELEFONICA CTC CHILE'S INVESTOR RELATIONS WEBSITE AT: (Investor Relations)

 

For more information contact:

Sofía Chellew - Verónica Gaete

María José Rodríguez - Florencia Acosta Kevin Kirkeby /Mariana Crespo

TELEFONICA CTC CHILE THE GLOBAL CONSULTING GROUP

Tel.: 562-691-3867 646-284-9416 / 646-284-9407

Fax: 562-691-2392

E-mail: E-mail:

schelle@ctc.cl, vgaete@ctc.cl kkirkeby@hfgcg.com

mjrodri@ctc.cl, macosta@ctc.cl mcrespo@hfgcg.com

 

Compañía de Telecomunicaciones de Chile S.A., the first South American company to list shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, providing local service, as well as domestic and international long distance services throughout the country. Additionally, the Company provides equipment marketing, data transmission, value-added services and information systems services and operates a nationwide cellular network

This news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1996, including but not limited to Compañía de Telecomunicaciones de Chile S.A.'s expectations for its performance for the quarter. Forward looking statements may also be identified by words such as "believes", "expects", "anticipates", "projects", "intends", "should", "seeks", "estimates", "future", or similar expressions. The forward-looking statements included in this news release are based on current expectations, but actual results may differ materially from anticipated future results due to various factors many of which are beyond the control of Compañía de Telecomunicaciones de Chile S.A. and its subsidiaries. Certain factors which could cause the actual results of Compañía de Telecomunicaciones de Chile S.A. a nd its subsidiaries to differ materially from the expected results include, among others, changes in Chile's regulatory framework, impact of increased competition and other factors beyond Compañía de Telecomunicaciones de Chile S.A.'s control

==================

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: January 29, 2004

TELECOMMUNICATIONS COMPANY OF CHILE

By /s/ Julio Covarrubias F. 

Name: Julio Covarrubias F.

Title: Chi

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PHYSICAL STATISTICS                
  I II III IV I II III IV
  2002 2002 2002 2002 2003 2003 2003 2003
                 
Total lines in service at the end of period 2.746.178 2.760.252 2.721.412 2.686.695 2.630.223 2.566.384 2.486.885 2.416.779
Average number of lines in service (quarterly) 2.734.366 2.752.418 2.740.296 2.701.752 2.655.948 2.594.404 2.524.124 2.458.688
Number of lines installed (1) 3.024.693 3.027.354 3.030.444 3.023.541 3.026.374 3.030.377 3.033.792 3.037.267
Lines per 100 Inhabitants (2) 17,5 17,6 17,3 17,1 17,4 17,0 16,5 17,8
Public telephones in service at end of period 37.740 36.759 36.251 35.674 35.396 35.366 34.699 34.519
Effective minutes of local traffic measured by second (million) 3.650 4.088 3.984 4.178 3.552 3.866 3.894 3.867
Local calls MLS (millions) 1.245 1.328 1.265 1.428 1.201 1.247 1.254 1.282
DLD traffic of 188 Telefónica Mundo + Globus 120 (thousands of minutes) 183.372 184.456 176.075 172.942 164.958 157.372 150.550 165.506
Outgoing ILD traffic of 188 Telefónica Mundo +Globus 120 (thousands of minutes) 15.218 16.071 17.404 17.395 16.146 16.293 16.003 15.875
Access charge traffic (thousands of minutes) 1.672.282 1.762.580 1.707.252 1.645.934 1.460.389 1.437.348 1.366.297 1.318.012
Number of lines connected 71.898 93.617 76.950 97.954 65.045 59.378 67.304 116.539
Number of CTC's employees (end of period) (3) 3.242 3.252 3.254 2.559 2.569 2.631 2.670 2.642
Number of subsidiaries' employees (end of period) (3) 4.631 4.730 2.468 2.084 2.121 2.176 2.126 2.138
Number of cellular subscribers (end of period) 1.651.282 1.710.326 1.761.432 1.849.283 1.883.837 1.944.393 2.030.761 2.269.757
ADSL connections (end of period) 19.642 30.262 41.270 54.163 66.060 84.202 107.580 125.262
(1) Includes circuits and ISDN lines in order to indicate the real capacity of the network.                
(2) 2002 Poll (15.1 million inhabs.) identified that estimated Chilean population by the "INE", Statistic National Institute, (15.7 million inhabs.) was overestimated                
(3) As of March 2003 the criteria for calculation of the permanent personnel was modified by adding personnel with fixed term contracts. Year 2002 was modified accordingly                
                 
ANNUAL VARIATION                
  I II III IV I II III IV
  2002 2002 2002 2002 2003 2003 2003 2003
                 
Total lines in service at the end of period 0,8% 0,6% -1,1% -1,3% -4,2% -6,5% -8,6% -10,0%
Average number of lines in service (quaterly) 0,8% 0,6% -0,2% -1,9% -2,9% -5,1% -7,9% -9,0%
Numbers of lines installed 0,6% 0,2% 0,5% 0,1% 0,1% 0,2% 0,1% 0,5%
Lines per 100 Inhabitants -0,6% -0,6% -2,3% -1,5% -0,6% -2,9% -4,6% 3,9%
Public telephones in service at the end of period 69,8% 36,9% 18,1% 5,5% -6,2% -6,3% -4,3% -3,2%
Effective minutes of traffic measured by second (million) -6,1% -2,3% -4,2% 0,0% -2,7% 5,9% -2,3% -7,4%
Local calls MLS (millions) -6,9% -3,5% -9,9% -0,8% -3,5% 0,2% -0,9% -10,2%
DLD traffic of 188 Telefónica Mundo + Globus 120 (thousands of minutes) -7,8% -7,6% -11,7% -14,1% -10,0% -14,2% -14,5% -4,3%
Outgoing ILD traffic of 188 Telefónica Mundo +Globus 120 (thousands of minutes) 7,5% -1,3% 7,9% 6,9% 6,1% 7,1% -8,0% -8,7%
Access charge traffic (thousands of minutes) -6,1% -4,6% -5,9% -9,0% -12,7% -14,0% -20,0% -19,9%
Number of lines connected -21,5% -5,5% 12,2% 37,2% -9,5% -17,4% -12,5% 19,0%
Number of CTC's employees (end of period) -29,9% -0,9% 6,6% -21,2% -20,8% -18,8% -17,9% 3,2%
Number of subsidiaries' employees (end of period) -2,3% 4,5% -49,8% -54,8% -54,2% -53,0% -13,9% 2,6%
Number of cellular subscribers (end of period) 27,5% 20,8% 19,0% 17,8% 14,1% 17,8% 15,3% 22,7%
ADSL connections (end of period) n.d. n.d. n.d. n.d. 236,3% 328,7% 160,7% 131,3%

Última actualización 28-01-2004
Por Telefónica CTC Chile EX-2 7 income.htm income
( Ch$ millions as of December 31, 2003)                        
  JAN-DEC IQ IIQ IIIQ IVQ JAN-DEC IQ IIQ IIIQ IVQ VARIATION
  2002 2002 2002 2002 2002 2003 2003 2003 2003 2003 IVQ03/IVQ02 2003/2002
OPERATING REVENUES                        
                         
FIXED TELEPHONY 385.039 92.665 95.137 97.072 100.165 374.541 93.828 92.463 94.394 93.856 -6,3% -2,7%
Primary Service 356.650 86.058 88.777 88.395 93.420 343.531 87.078 86.801 85.070 84.582 -9,5% -3,7%
Telephone Line Serv.Fee (Fixed Monthly Charge) 160.320 39.938 39.783 40.034 40.565 152.142 39.752 38.657 37.441 36.292 -10,5% -5,1%
Variable Charge 158.011 36.576 39.454 40.439 41.542 143.651 35.976 36.245 35.766 35.664 -14,1% -9,1%
Connections and other installations 7.030 1.989 1.748 1.648 1.645 5.622 1.612 1.378 1.319 1.313 -20,2% -20,0%
Value added services 17.335 4.061 4.229 4.133 4.912 18.130 4.513 4.743 4.520 4.354 -11,4% 4,6%
Equipment Marketing 5.017 1.612 1.193 719 1.493 8.806 2.250 2.279 1.898 2.379 59,3% 75,5%
Other fixed telephony revenues 8.937 1.882 2.370 1.422 3.263 15.180 2.975 3.499 4.126 4.580 40,4% 69,9%
Access Charges and Interconnections 23.497 5.744 6.075 5.900 5.778 25.630 5.786 5.307 6.386 8.151 41,1% 9,1%
Domestic long distance 9.530 2.254 2.356 2.430 2.490 8.767 2.320 2.163 2.148 2.136 -14,2% -8,0%
International long distance 3.548 836 950 892 870 2.685 731 715 637 602 -30,8% -24,3%
Other interconnection services 10.419 2.654 2.769 2.578 2.418 14.178 2.735 2.429 3.601 5.413 123,9% 36,1%
Directory Advertising 4.892 863 285 2.777 967 5.380 964 355 2.938 1.123 16,1% 10,0%
                         
LONG DISTANCE 75.477 19.019 18.360 18.374 19.724 61.655 17.378 16.143 14.903 13.231 -32,9% -18,3%
Domestic Long Distance 33.265 8.542 8.138 8.309 8.276 26.209 7.748 6.772 6.230 5.459 -34,0% -21,2%
International Service 28.328 7.285 7.076 6.923 7.044 24.576 6.823 6.537 5.976 5.240 -25,6% -13,2%
Rental of LD Network 13.884 3.192 3.146 3.142 4.404 10.870 2.807 2.834 2.697 2.532 -42,5% -21,7%
                         
MOBILE COMMUNICATIONS 209.001 49.538 50.191 51.818 57.454 237.620 55.142 56.720 59.947 65.811 14,5% 13,7%
Outgoing Traffic 122.103 27.731 30.147 30.889 33.336 149.427 32.464 34.968 39.297 42.698 28,1% 22,4%
Interconnection under Calling Party Pays 86.898 21.807 20.044 20.929 24.118 88.193 22.678 21.752 20.650 23.113 -4,2% 1,5%
                         
CORPORATE CUSTOMER COMMUNICATIONS 87.068 19.468 21.128 21.267 25.205 78.733 18.218 19.345 19.797 21.373 -15,2% -9,6%
Equipment 24.746 5.070 5.710 5.859 8.107 17.549 3.810 4.078 4.157 5.504 -32,1% -29,1%
Complementary Services 13.008 2.672 2.810 3.285 4.241 16.008 3.770 3.594 4.233 4.411 4,0% 23,1%
Data services 18.414 3.893 4.512 4.995 5.014 26.696 6.083 6.680 6.546 7.387 47,3% 45,0%
Dedicated links and others 30.900 7.833 8.096 7.128 7.843 18.480 4.555 4.993 4.861 4.071 -48,1% -40,2%
                         
OTHER BUSINESSES 113.140 35.737 31.239 32.630 13.534 60.241 14.375 14.113 16.912 14.841 9,7% -46,8%
Public Telephones 12.199 3.415 3.110 2.641 3.033 11.081 2.922 2.512 2.997 2.650 -12,6% -9,2%
Interior installation and equipment marketing 28.526 7.210 7.015 6.779 7.522 30.937 7.428 7.402 8.037 8.070 7,3% 8,5%
Information System Services (Sonda) 62.945 23.898 20.054 18.993 0 0 0 0 0 0 0,0% 0,0%
Other Operating Revenues 9.470 1.214 1.060 4.217 2.979 18.223 4.025 4.199 5.878 4.121 38,3% 92,4%
TOTAL OPERATING REVENUES 869.725 216.427 216.055 221.161 216.082 812.790 198.941 198.784 205.953 209.112 -3,2% -6,5%
                         
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME (CHGAAP), continued                        
( Ch$ millions as of December 31, 2003)                        
  JAN-DEC IQ IIQ IIIQ IVQ JAN-DEC IQ IIQ IIIQ IVQ VARIATION
  2002 2002 2002 2002 2002 2003 2003 2003 2003 2003 IVQ03/IVQ02 2003/2002
OPERATING COSTS AND EXPENSES                        
Salaries 80.362 21.017 21.800 20.254 17.291 56.839 12.236 14.718 15.050 14.835 -14,2% -29,3%
Depreciation 263.646 65.991 66.607 65.965 65.083 263.687 65.221 65.551 66.941 65.974 1,4% 0,0%
Other Operating Costs 262.195 60.323 60.274 67.154 74.444 233.745 55.865 57.673 57.349 62.858 -15,6% -10,9%
Adm. & Selling Expenses 131.719 34.913 35.212 32.274 29.320 143.161 32.583 33.670 38.899 38.009 29,6% 8,7%
TOTAL OPERATING COSTS AND EXPENSES 737.922 182.244 183.893 185.647 186.138 697.432 165.905 171.612 178.239 181.676 -2,4% -5,5%
OPERATING INCOME 131.803 34.183 32.162 35.514 29.944 115.358 33.036 27.172 27.714 27.436 -8,4% -12,5%
EBITDA 395.710 100.174 98.769 101.480 95.287 381.863 98.395 92.876 94.846 95.746 0,5% -3,5%
Operating Margin 15,2% 15,8% 14,9% 16,1% 13,9% 14,2% 16,6% 13,7% 13,5% 13,1% -0,7pp -1,0pp
EBITDA Margin 45,5% 46,3% 45,7% 45,9% 44,1% 47,0% 49,5% 46,7% 46,1% 45,8% 1,7pp 1,5pp
NON-OPERATING INCOME                        
Interest Income 16.858 3.503 3.411 3.722 6.222 7.077 2.292 2.286 1.353 1.146 -81,6% -58,0%
Other Non-Operating Income 13.354 2.141 1.520 8.727 966 12.334 1.799 4.944 4.594 997 3,2% -7,6%
Revenues from Related Companies 2.379 14 (303) 755 1.913 680 154 57 426 43 -97,8% -71,4%
Interest Expense (82.287) (20.012) (20.032) (23.823) (18.420) (61.245) (17.302) (17.234) (14.713) (11.996) -34,9% -25,6%
Amortization of Goodwill (24.909) (3.872) (4.056) (13.086) (3.895) (23.084) (3.745) (3.779) (12.650) (2.910) -25,3% -7,3%
Other Non-Operating Expenses (38.259) (3.460) (6.262) (20.289) (8.248) (12.471) (1.804) (2.683) (2.609) (5.375) -34,8% -67,4%
Monetary Correction (9.041) (4.094) (1.614) (1.400) (1.933) 635 2.062 (2.358) 1.270 (339) -82,5% -107,0%
TOTAL NON-OPERATING INCOME (121.905) (25.780) (27.336) (45.394) (23.395) (76.074) (16.544) (18.767) (22.329) (18.434) -21,2% -37,6%
INCOME BEFORE INCOME TAX 9.898 8.403 4.826 (9.880) 6.549 39.284 16.492 8.405 5.385 9.002 37,5% 296,9%
Income Tax (26.984) (5.820) (5.413) (7.268) (8.483) (29.009) (9.218) (7.450) (4.001) (8.340) -1,7% 7,5%
Minority Interest (771) (335) (283) (127) (26) (141) (15) 3 (91) (38) 46,2% -81,7%
Amortization of Negative Goodwill 0 90 (90) 0 0 0 0 0 0 0 - -
NET INCOME (17.857) 2.338 (960) (17.275) (1.960) 10.134 7.259 958 1.293 624 -131,8% -156,8%
Observed exchange rate (end of the period)   655,90 688,05 748,73 718,61   731,56 699,12 660,97 593,80    
                         
    I II III IV   I II III IV    
    2002 2002 2002 2002   2003 2003 2003 2003    
Earnings per Common Share (Ch$)   2,4 -1,0 -18,0 -2,0   7,6 1,0 1,4 0,7    
Earnings per ADR (US$)   0,015 -0,006 -0,109 -0,012   0,046 0,006 0,008 0,004    
Weighted Average Number of Shares Fully Paid (millions)   957,2 957,2 957,2 957,2   957,2 957,2 957,2 957,2    

Última actualización 28-01-2004
Por Telefónica CTC Chile EX-3 8 balance.htm balance
CONSOLIDATED BALANCE SHEET (ChGAAP)
(Figures in thousands of Ch$ as of December 31, 2003)
                   
ASSETS     2003 2002 LIABILITIES     2003 2002
      Ch$ Ch$       Ch$ Ch$
CURRENT ASSETS         CURRENT LIABILITIES        
  Cash and banks   19.342.775 17.010.423   Banks and financial institutions - short-term   19.328.288 9.283.360
  Time deposits   5.377.980 2.442.662   Banks and financial institutions - current maturities   83.348.206 147.753.713
  Marketable securities   43.209.683 77.580.150   Commercial papers   0 0
  Trade receivables   216.482.786 208.671.822   Debentures   112.705.228 21.921.281
  Notes receivable   7.352.077 6.084.680   Current maturities of other long-term liabilities   447.708 494.657
  Sundry debtors   8.112.153 25.321.317   Dividends payable   111.077 211.821
  Due from related companies   18.534.486 17.285.067   Accounts payable   131.699.489 151.385.506
  Inventories   19.974.571 14.503.984   Notes payable   296.884 175.701
  Refundable taxes   15.428.524 19.250.979   Sundry creditors   76.904.157 8.182.434
  Prepaid expenses   7.507.714 8.313.008   Due to related companies   24.962.004 12.095.958
  Deferred taxes   17.101.363 25.440.359   Provisions   11.582.310 10.051.712
  Other current assets   42.259.400 28.943.193   Withholdings   12.474.097 9.628.937
    Total current assets 420.683.512 450.847.644   Unearned income   8.854.652 7.033.101
            Other current liabilities   4.881.694 4.997.078
FIXED ASSETS                  
  Land   27.630.776 27.645.852     Total current liabilities 487.595.794 383.215.259
  Construction and infrastructure works   185.701.152 184.983.357 LONG-TERM LIABILITIES        
  Machinery and equipment   3.456.701.757 3.327.825.508          
  Other fixed assets   376.190.313 397.312.019   Banks and financial institutions   306.466.523 420.733.217
  Technical revaluation   9.224.415 9.221.570   Debentures   311.657.743 517.314.577
  Less: accumulated depreciation   2.225.580.485 1.988.554.136   Due to related companies   20.488.463 24.456.253
    Fixed assets-net 1.829.867.928 1.958.434.170   Sundry creditors   6.818.231 9.339.182
            Provisions   19.195.552 17.429.825
OTHER ASSETS           Deferred Taxes   46.565.849 36.350.588
  Investments in related companies   10.022.457 42.879.689   Other long-term liabilities   4.590.860 5.707.499
  Investments in other companies   3.854 3.854     Total long term liabilities 715.783.221 1.031.331.141
  Goodwill   158.129.169 181.198.599 MINORITY INTEREST     1.364.249 1.153.686
  Long-term debtors   30.205.916 35.188.660          
  Intangibles   40.406.590 32.627.439 EQUITY        
  Amortization (less)   4.558.865 2.657.625          
  Other long-term assets   10.220.250 16.734.608   Paid-in capital   859.490.281 743.832.801
            Reserve   0 0
            Share premium   0 115.657.480
    Total other assets 244.429.371 305.975.224   Other reserves   (791.199) 1.943.983
            Retained earnings:   431.538.465 438.122.688
              Prior years 421.404.583 455.979.868
              (Losses) Income for the period 10.133.882 (17.857.180)
              Total equity 1.290.237.547 1.299.556.952
                   
TOTAL ASSETS     2.494.980.811 2.715.257.038 TOTAL LIABILITIES AND EQUITY     2.494.980.811 2.715.257.038

Última actualización 28-01-2004
Por Telefónica CTC Chile EX-4 9 cashflow1.htm cashflow
COMPAÑÍA DE TELECOMUNICACIONES DE CHILE S.A. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE TWELVE MONTHS PERIODS ENDED AS OF DECEMBER 31, 2002 AND 2003    
Figures in Thousands of Constant Ch$ as of December 31, 2003
     
  2003 2002
     
NET CASH PROVIDED BY USING IN OPERATING ACTIVITIES 284.325.357 327.972.395
     
Net income (Gain/Losses) 10.133.882 (17.857.180)
     
Result in sales of assets (5.212.477) (7.838.158)
     
Loss in sale of fixed assets (1.688.868) 112.479
Gain in sales of investments (less) (3.590.114) (7.950.637)
Loss in sales of investments 66.505 0
     
Charges (credits) to income not affecting cash flows: 329.547.148 361.376.950
     
Depreciation 269.190.875 265.361.676
Intangibles amortization 1.903.908 1.022.873
Write-off and provisions 35.909.065 30.671.005
Equity earnings from related companies (less) (1.094.394) (2.490.146)
Equity losses from related companies 413.633 111.213
Amotization of goodwill 23.083.782 24.908.512
Price-level restatement (net) (376.325) 6.226.426
Gain (loss) on foreign currency transactions (258.331) 2.816.308
Other credits not affecting cash flows (7.510.889) (20.156.569)
Other charges not affecting cash flows 8.285.824 52.905.652
     
Decrease (increase) in current assets: (28.183.993) 79.078.617
     
(Increase) Decrease in trade receivables (38.701.080) (25.368.337)
(Increase) Decrease in inventories (6.991.681) 11.347.555
(Increase) Decrease in other current assets 17.508.768 93.099.399
     
Increase (decrease) in current liabilities: (22.099.918) (87.558.158)
     
Increase (decrease) in due to related companies,    
related with operating activities (34.182.991) (49.902.474)
Increase (decrease) in accrued interest payable (3.821.194) (1.170.913)
Increase (decrease) in income tax payable, net 18.727.278 14.816.061
Increase (decrease) in other accounts payable    
related with non operating result (3.680.001) (50.930.904)
Increase (decrease) in value-added tax, net, and other 856.990 (369.928)
     
Income ( loss) of minority interest 140.715 770.324
     
     
COMPAÑÍA DE TELECOMUNICACIONES DE CHILE S.A. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE TWELVE MONTHS PERIODS ENDED AS OF DECEMBER 31, 2002 AND 2003
Figures in Thousands of Constant Ch$ as of December 31, 2003
     
  2003 2002
     
NET CASH PROVIDED BY FINANCING ACTIVITIES (171.783.032) (256.454.544)
     
Increase in bank borrowings - 13.953.811
Debentures 19.961.620 -
Other financing sources - 1.690.744
Repayment of dividends (less) (16.716.505) (1.369.652)
Repayment of loans (less) (94.607.064) (143.772.174)
Repayment of debentures (less) (80.415.749) (116.790.726)
Repayment of loans to related companies (less) - (10.166.547)
Other financing disbursements (less) (5.334) -
     
NET CASH USED IN INVESTING ACTIVITIES (99.949.156) (135.761.310)
     
Sale of fixed assets 1.078.851 737.572
Sale of investments in related companies 33.498.220 28.651.106
Sale of other investments 59.179.927 -
Other revenues from investments 208 160.698
Additions to fixed assets (less) (153.010.755) (100.298.646)
Payment of capitalized interests (less) - (4.392.473)
Investments in related companies (less) - (121.091)
Investments in financial instruments (less) (33.162.732) (30.471.965)
Other investment disbursements (less) (7.532.875) (30.026.511)
     
     
NET CASH FLOW FOR THE PERIOD 12.593.169 (64.243.459)
     
PRICE-LEVEL RESTATEMENT EFFECT ON CASH AND CASH EQUIVALENTS (506.038) (2.266.750)
     
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 12.087.131 (66.510.209)
     
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 21.243.526 87.753.735
     
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 33.330.657 21.243.526

Última actualización 28-01-2004
Por Telefónica CTC Chile -----END PRIVACY-ENHANCED MESSAGE-----